International Health Group Insurance: Why Should I Get One for My Company?
As a company grows, so does the number of employees required to sustain its activities, opening the topic of health benefits employers need to consider. Health insurance is an attractive benefit that not only secures your employees’ medical needs but will also bring and sustain them. But what exactly is international group health insurance? You can find more information on our targeted page here
- What is an International Health Group Insurance?
- Advantages of International Health Group Insurance
- What Factors Determine the Cost of International Health Group Insurance?
- The type of employees that are being insured
- Number of people within the coverage group
- The requirements of your coverage
- What is the Best Time to Buy International Health Group Insurance?
- How to Compare Different Health Insurance Plans Online?
- Identify your requirement
- Take a closer look at the coverage plan
What is an International Health Group Insurance?
In summary, an international health group’s insurance will help cover the medical needs of employees working or stationed abroad. Due to the rapid increase in globalization, more and more companies around the world not only hire multinational and multicultural talent but also require employees to travel to various locations and work from various destinations as well. Furthermore, traveling abroad for business needs has become increasingly frequent as well, which brings up the requirement for companies to provide medical insurance for them while on foreign soil. These needs usually come down to hospitalization and medicine. Still, they can also be offered to cover dental, optical, and maternity leave
Advantages of International Health Group Insurance
The most significant advantage of this type of insurance to the employer is the cost. By spreading the risk among a group of people instead of one (like individual health insurance would), the insurance company is able to offer a cheaper premium to the customer depending on the number of people in the group. For companies which have a french or european entity, it’s possible to find a CFE + Complementary solution, which gave access to a good value for money insurance, contact us for more details.
2. Talent acquisition and retention
One of the most motivating factors for employees who are going to be stationed abroad is if their (and often their family’s) medical needs will be covered. Medical coverage is an attractive addition to an employee’s package. It will allow them to be more productive with ease of mind knowing that their medical requirements will be covered. Are you an American company that needs to offer your employees health insurance in the UK? You’ve just found a solution!
3. Easier to handle
With individual health insurance, there are instances where an employee’s benefits might be discontinued as they might need to remember to renew it or ask for a renewal. Still, in the case of an international group health insurance, it’s much easier for employers to handle it as multiple employees are under a single insurance plan.
What Factors Determine the Cost of International Health Group Insurance?
As you were probably already thinking, there certainly are factors that will determine the cost of your international health group insurance. Here are some of the main things to consider:
1. The type of employees that are being insured
Especially when an employer is a family-run business with most of its employees being family members, getting bulk insurance can offer substantial savings over each family member buying an individual insurance plan.
2. Number of people within the coverage group
The above speaks for itself. The more people in the group that need to be covered, the more you will have to pay. However, a group plan allows you to receive a group rate which will reduce the premium per employee. This will be less expensive than several individual premium.
3. The requirements of your coverage
As mentioned in the introduction of this article, international group health insurance can be tailored to cover additional needs according to the employers’ requirements. Some companies include dental, optical, and even cosmetic medical coverage for their employees, which is likely to increase the premium you will have to pay.
4. What is the Best Time to Buy International Group Health Insurance?
As an employer, the best time to invest in international group health insurance is when you know your team is growing and you’re hiring an increasing number of overseas employees. Likewise, if the work your company is associated with requires your employees to travel overseas frequently or to work in foreign countries for long periods of time, it is advisable to take out group health insurance beforehand. Indeed, most of the group insurance starts from 3 employees in the group, before this number it will be necessary to turn to individual plans the time to have enough employees based abroad.
5. How to Compare Different Health Insurance Plans Online?
Just like any other product or service, a quick search of “best international group health insurance” online will give you an extensive list of coverage options at different prices from thousands of insurance companies. Unfortunately, the options are enough to confuse anyone, which is why we have put together a few tips to make your decision-making process a little easier. What you might not find in your search is some exclusive, customized and tailor-made services offered by organizations such as ours, to suit your organizational needs.
6. Identify your requirement
Identify what medical needs you wish to extend to your employees and what medical needs might be more suited to their life. As mentioned before, different types of work have varying physical and mental strains on employees and knowing what medical benefits might suit them best is essential.
7. Take a closer look at the coverage plans
As mentioned earlier on this article, various plans would be overwhelming to you. Choose a few projects from respected service providers (it is often a good idea to read through their customer reviews) and note down the medical benefits of each, along with the cost. You can then compare it to your requirements (step 1) and see which suits your company and budget best. Whilst we would not be surprised if you find our organization to offer the best value for money, you can always reach out to us for a tailor-made medical plan.
This brings us to the conclusion of what international group health insurance is and why it will benefit your company and your employees. Given that you are an employer whose employees frequently travel, are stationed, or are employed abroad, in that case, an excellent international health insurance plan is the best way to go. It is a cost-effective way of keeping your employees secure wherever they are in the world while helping your company stand out as a responsible organization offering fantastic employee benefits.